One of her NFTs sold for 2 ethers, which was worth more than $9,000 at the time of the sale. Two days later, was featured in a Forbes article about how she sold her first pieces of digital artwork in less than 24 hours. “And then another girl again looked at my Instagram, I wanna be the second, third and sold out.” I wanna be your first NFT collector,’” said. “I just dropped my three NFTs, and one NFT collector told me ‘I just looked at your Instagram and I love it. Some digital artists post their artwork on social media platforms, like Instagram, to attract potential buyers. There are many NFT marketplaces that allow buyers and sellers to connect digital wallets to upload and buy NFTs such as OpenSea, Rarible and Mintable. MetaMask, Trust Wallet, and Coinbase Wallet can all support digital currencies used to buy NFTS. A digital wallet must then be secured that can hold the blockchain. To buy or sell NFTs, a buyer or seller must first identify the blockchain that will be used for the transaction. There were over $23 billion in NFT trades in 2021 and trading volume grew 38,000 percent year-over-year. When you own an NFT, you can keep or wait for it to appreciate, and then sell or trade it. NFTs get their value because the transaction proves ownership of the art. NFT art is a digital asset that is collectable, unique, and non-transferrable, Cortes explained.Įvery NFT is unique in it's creative design and cannot be duplicated, making them limited and rare. When something is non-fungible it means it can’t be reproduced or substituted. Money is a prime example of something fungible, where a one-dollar bill is easily convertible into four quarters or ten dimes. Tokens can be used to refer to either cryptocurrencies themselves, or like NFT’s, assets that use those cryptocurrency blockchains to operate.įungible is the ability to be converted with other goods or assets of the same type such as commodities, company shares, precious metals, and currencies. NFT is an acronym that stands for non-fungible token. ![]() ![]() Judge rejects lawsuit claiming voter registration form violates federal law What does NFT stand for and what does it mean?
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